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What is the SME Recovery Loan Scheme?​

The SME Recovery Loan Scheme provides support to businesses impacted by COVID-19.

Loans can be used to invest, buy commercial property or to acquire another business. Eligible customers may be able to refinance existing business loans1.​

Features and benefits​

  • Variable interest rates options available
  • Option to defer repayments​ 2
  • Loan terms of  3, 5, 10 years
  • Partially and fully secured options

Who's eligible?

Businesses that are adversely economically affected by COVID-19.

To apply your business must:   ​

  • Have an annual turnover of less than $250m
  • Be trading for more than 12 months and have a valid ABN
  • Be a tax resident of Australia – that is based, registered and operating in Australia.

SME Recovery Loan at a glance​​

Borrow from:
$15k to $5m

No lending establishment fee or monthly account keeping fees3

Variable interest rate options available


Frequently asked questions

Submit an enquiry and a business lending specialist will call you to talk through the next steps.​

If you are an existing Westpac customer with a Relationship manager, we’ll pass on your details and they will contact you directly.​

To prepare for the call, its worth having details of your business financial situation at hand.

Want a step-by-step guide? We've broken down how to apply for a SME Recovery Loan in this article.​

SME Recovery Loan Scheme: how it could help your business​

Find out how the Scheme could help your business recover and grow.​


More finance options to help your business recover

Business overdraft

Access extra funds so you can pay suppliers and wages when cash flow gets tight. 

Business loans

Funds to support the day to day running of your business. Borrow from $20K with flexible repayments.

Things you should know

Eligibility, credit criteria, fees, charges, terms and conditions apply.​

1. Excludes facilities secured by residential property or facilities that are more than 30 days in arrears. ​

2. An interest rate premium may apply where a payment deferral period is selected. Interest will accrue during the period of the repayment deferral. ​

3. Other fees and charges apply. ​